My kids like to make lots of 25-cent side bets on all kinds of things, like which team will be the first to fumble, whether a kick-off will be returned for a touchdown, who will have possession at the end of the first half, which team will get the first penalty, anything they can think of. Nothing very organized - the men who come to our Super Bowl parties tend to have limited patience for distractions. They "judge" the commercials, but during the game, they're all business.
As for the food, I usually put out several kinds of finger foods, nothing that requires a lot of attention to eat. My firstborn said once that I could serve fried ants if I wanted to - as long as they were crunchy and hot, no one would notice what they were! Maybe I should invite some women...